Embracer Group
Embracer Group is a Swedish public holding company (Nasdaq Stockholm: EMBRAC B) operating six operative groups across PC, console, mobile, and VR game publishing, comics, and entertainment, owning 400+ IPs including Tomb Raider, The Lord of the Rings, and Metro, currently restructuring into three separately listed entities following a major divestiture program.
- Company typePublic
- Founded2011
- HeadquartersKarlstad, Sweden
- Headcount5,001–10,000
- GTM typeB2C
- OfferingSoftware
What Embracer Group does
Embracer Group AB is a Swedish public limited company (Nasdaq Stockholm: EMBRAC B) headquartered in Karlstad, Sweden, operating as a global holding company for video game development, publishing, and related entertainment media businesses. As of FY 2024/25 the company employed approximately 7,180 people across nearly 30 countries, a sharp reduction from a peak of 16,601 in FY 2022/23 following a major restructuring. The group operates through six operative groups — THQ Nordic (PC/console publishing), Plaion (publishing and film/TV), DECA Games (mobile and live operations), Dark Horse (comics and entertainment IP), Freemode (entertainment services and archiving), and Crystal Dynamics-Eidos (AAA development) — and owns or controls more than 400 intellectual properties including Tomb Raider, The Lord of the Rings, Metro, Kingdom Come: Deliverance, Deus Ex, Dead Island, Darksiders, Saints Row, and Thief.
The business model combines one-time game licensing across PC, console, and mobile storefronts, freemium and ad-supported mobile monetization, IP licensing for film/TV/merchandise adaptations, and professional co-development/porting services. Distribution is global through digital storefronts (Steam, PlayStation Store, Xbox Store, Nintendo eShop, mobile app stores), retail channels, and strategic publishing partnerships (notably Amazon for Tomb Raider). Underlying technology spans multiple proprietary engines and platforms including VR (Vertigo Games); the Embracer Games Archive initiative preserves over 80,000 physical games, consoles, and accessories.
Embracer is mid-restructuring: it has divested Gearbox Entertainment ($460M to Take-Two, March 2024) and Easybrain ($1.2B to Miniclip, November 2024), spun off Asmodee (Nasdaq Stockholm, February 2025) and Coffee Stain Group (Nasdaq First North Premier, December 2025), and announced the planned 2027 spin-off of Fellowship Entertainment — a separate listed entity that will house its IP-rich franchises and AAA studios. The restructuring was triggered by the June 2023 collapse of a reported $2 billion Savvy Games Group investment that had underwritten its 2021–2022 acquisition spree.
Embracer Group firmographics
Firmographics- Name
- Embracer Group
- Legal name
- Embracer Group AB
- Website
- https://embracer.com
- Company type
- Public
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- Embracer Group is a Swedish public holding company (Nasdaq Stockholm: EMBRAC B) operating six operative groups across PC, console, mobile, and VR game publishing, comics, and entertainment, owning 400+ IPs including Tomb Raider, The Lord of the Rings, and Metro, currently restructuring into three separately listed entities following a major divestiture program.
- Ownership category
- akta.pro rank
Embracer Group industry classification
Industry- Product category
- Video Games
- NAICS
- Software Publishers (51321)
- SIC
- Services-Computer Programming, Data Processing, Etc. (7370)
- akta.pro primary industry
- AAA & Premium Game Studios (PC/Console) (MPAFAAAA)
- akta.pro secondary industries
- Console Platform Publishing & Licensing (First-Party Platform Holder Programs) (MPAFABAD), Indie Publishing & Label Services (Funding, Marketing, Release Management) (MPAFABAF)
Keywords
Where Embracer Group is headquartered
LocationHeadquarters
- HQ city
- Karlstad
- HQ country
- Sweden
- HQ region
- Europe
Offices13 records
Markets served
Embracer Group business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Supply Chain
Revenue model
- Game Sales (PC/Console): Revenue from publishing and selling video games across PC, PlayStation, Xbox, and Nintendo platforms through digital distribution and retail channels.
- Mobile Games: Revenue from mobile game publishing and monetization through ad-supported and premium models via app stores.
- IP Licensing: Licensing of owned intellectual properties (The Lord of the Rings, Tomb Raider, Metro, etc.) for games, film, TV, merchandise, and other media adaptations.
- Publishing Services: Co-development and porting services for external partners, including Shiver Entertainment's focus on co-development and porting projects.
Go-to-market motion2 records
Distribution channels5 records
Marketing channels6 records
Embracer Group product offering
Product offeringCore offering
Embracer Group is a Swedish global holding company that develops, publishes, and distributes video games across PC, console, mobile, and VR platforms through operative groups such as THQ Nordic, Plaion, DECA Games, Dark Horse, Freemode, and Crystal Dynamics-Eidos. It owns or controls more than 400 intellectual properties including Tomb Raider, The Lord of the Rings, Kingdom Come: Deliverance, Metro, Deus Ex, Dead Island, Darksiders, and Saints Row, and licenses these IPs for film, TV, merchandise, and game adaptations.
Product overview
Embracer Group is a Swedish global holding company for creative and entrepreneurial businesses in PC, console, and mobile games, as well as related entertainment media. The company operates through six main operative groups: THQ Nordic (PC/console publishing), PLAION (film/TV/entertainment production), DECA Games (mobile/indie live operations), Dark Horse (comic publishing/merchandising), Freemode (entertainment services/archiving), and Crystal Dynamics - Eidos (AAA development). The portfolio spans over 400 owned or controlled intellectual properties including major franchises like Tomb Raider, The Lord of the Rings, Kingdom Come: Deliverance, Metro, Deus Ex, Dead Island, Darksiders, Saints Row, Thief, Hellboy, and The Umbrella Academy. The group encompasses 53 internal game development studios and engages over 6,000 employees across nearly 30 countries, with plans to spin off Fellowship Entertainment (housing IP-focused assets) as a separate publicly listed company by 2027.
Differentiator
Problem solved
Functional benefit
Brands
- Deep Silver: Game publishing label under Plaion
- Coffee Stain Publishing
- Middle-earth Enterprises
- Game Outlet Europe
- Limited Run Games
- Embracer Games Archive
Products and services
- Tomb Raider
Quantifiable outcome
- Kingdom Come: Deliverance II sold 5 million copies in first year, significantly outpacing the original game
- +2 more outcomes
Companies that use Embracer Group
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles3 records
Embracer Group technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Embracer Group partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core.
- Amazon (Prime Gaming/Twitch)coreAmazon serves as publisher for upcoming Tomb Raider games, providing publishing infrastructure and marketing support through Prime Gaming. Amazon had also planned a Lord of the Rings MMO project with Embracer, though this was later cancelled.
- Dark Horse EntertainmentcoreDark Horse Media was acquired by Embracer Group in 2021. Dark Horse has over 300 intellectual properties including Hellboy, Sin City, and 300, and is planning to develop games based on its IP.
- NetflixcoreDIGIC animation studio acquired in 2021 has worked on notable projects for Netflix. Dark Horse's The Umbrella Academy was adapted by Netflix.
- Fellowship EntertainmentcoreNew company being spun off from Embracer Group in 2027 to be listed on Nasdaq Stockholm. Will house major IPs including Tomb Raider, The Lord of the Rings, Metro, Kingdom Come Deliverance, and studios including Crystal Dynamics and Eidos-Montréal.
Scale indicators14 records
Recent moves11 records
Expansion highlights5 records
Embracer Group competitors and assessment
Company assessmentEmerging players
- Krafton: Krafton is a South Korean premium game publisher best known for PUBG/Battlegrounds and is expanding its portfolio with new AAA titles. Comparable to Embracer as a publicly listed publisher with major owned franchises and aggressive global expansion plans, though smaller in scale and IP breadth.
Direct peers
- Square Enix: Square Enix is a Japanese game publisher known for Final Fantasy, Dragon Quest, and the Tomb Raider/Deus Ex franchises it sold to Embracer in 2022. Direct historical counterparty and comparable in AAA/AA publishing model, with major IP catalog and global multi-platform publishing.
- Activision Blizzard (Microsoft Gaming): Activision Blizzard (now part of Microsoft) is one of the largest game publishers with major franchises (Call of Duty, World of Warcraft, Diablo, Overwatch). Highly comparable to Embracer in franchise-driven AAA publishing; Brian Ward (Embracer board) led Worldwide Studios at Activision, and the platforms target the same global gaming audience.
- Bandai Namco Entertainment: Bandai Namco Entertainment is a major Japanese game publisher with franchises including Tekken, Dark Souls/Elden Ring (co-developed with FromSoftware), and Pac-Man. Comparable to Embracer in multi-platform franchise publishing and cross-media IP monetization.
- CD Projekt: CD Projekt is a Polish premium game developer/publisher known for The Witcher and Cyberpunk 2077 franchises. Directly comparable to Embracer in being a European-based AAA publisher with major owned IPs and a strategy of converting games into broader media franchises.
- Electronic Arts: Electronic Arts is one of the world's largest game publishers with major franchises (EA Sports FC, Apex Legends, The Sims, Battlefield) and a portfolio of owned studios. Comparable to Embracer in scale, multi-platform publishing, and franchise-based model, with Brian Ward's board experience at EA underscoring the parallel.
- Take-Two Interactive: Take-Two Interactive is a global interactive entertainment company developing and publishing games through Rockstar, 2K, and Zynga. Highly comparable to Embracer as a multi-label PC/console publisher/developer; notably, Take-Two acquired Gearbox from Embracer for $460M in 2024, making it a direct counterparty and competitor.
- Ubisoft: Ubisoft is a major French game publisher/developer with owned franchises (Assassin's Creed, Far Cry, Tom Clancy) and global studio network. Directly comparable to Embracer in being a multi-studio, multi-franchise European publisher with similar scale and ongoing restructuring pressures.
- Capcom: Capcom is a Japanese premium game developer/publisher with major franchises (Resident Evil, Monster Hunter, Street Fighter). Comparable to Embracer as a focused, profitable AAA studio with deep owned IP and successful long-running franchise releases.
Broad incumbents
- NetEase: NetEase is one of China's largest game companies with both self-developed and published titles spanning PC, console, and mobile. Comparable to Embracer in scale and global footprint, though with a stronger mobile/Asia tilt; it represents the broader competitive landscape for AAA and live-service games.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Embracer Group social profiles
Digital presenceEmbracer Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
Embracer Group leadership team
Management profileNumber of profiles
Profiles10 records
Embracer Group subsidiaries and ownership
Company hierarchySubsidiaries18 records
Embracer Group funding detail
Funding detailFunding overview
Funding rounds6 records
Investors6 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Embracer Group M&A and investment
M&A and investmentM&A21 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Embracer Group
What does Embracer Group do?
Embracer Group is a Swedish global holding company that develops, publishes, and distributes video games across PC, console, mobile, and VR platforms through operative groups such as THQ Nordic, Plaion, DECA Games, Dark Horse, Freemode, and Crystal Dynamics-Eidos. It owns or controls more than 400 intellectual properties including Tomb Raider, The Lord of the Rings, Kingdom Come: Deliverance, Metro, Deus Ex, Dead Island, Darksiders, and Saints Row, and licenses these IPs for film, TV, merchandise, and game adaptations.
Is Embracer Group a public or private company?
Embracer Group is a public company. It is classified as public and is currently operating.
When was Embracer Group founded?
Embracer Group was founded in 2011. It employs 5,001 to 10,000 people.
Where is Embracer Group based?
Embracer Group is headquartered in Karlstad, Sweden, in the Europe region.
How does Embracer Group make money?
Four revenue lines are on record. Game Sales (PC/Console) is the primary driver. The others are mobile Games, IP Licensing and publishing Services.
Who are Embracer Group's main competitors?
Krafton is listed as an emerging player. Direct peers are Square Enix, Activision Blizzard (Microsoft Gaming), Bandai Namco Entertainment, CD Projekt, Electronic Arts, Take-Two Interactive, Ubisoft and Capcom. NetEase is listed as a broad incumbent.
Does Embracer Group have an API?
No public API is recorded for Embracer Group.
What industry is Embracer Group in?
Embracer Group's product category is Video Games. Its primary akta.pro industry code is MPAFAAAA, AAA & Premium Game Studios (PC/Console), with a secondary code of MPAFABAD, Console Platform Publishing & Licensing (First-Party Platform Holder Programs). Its NAICS code is 51321 and its SIC code is 7370.